Buying a home isn't cheap – and even though mortgage rates are low, your own financial circumstances may mean that your monthly payment is more than you can afford. Whether you're a new buyer looking to save money or a cash-strapped owner who needs to free up extra income, there are several ways you can lower your monthly payments – here are just five of them. Make 13 Payments Every Year If you have some extra money and you're looking to pay down more of your principal amount, making … [Read more...]
How to Determine the Right Mortgage for You: The Pros and Cons of Each Type
Finding the right mortgage can be a struggle. There's a wide array of mortgage products on the market, and you don't always need to get a mortgage through your bank – and with so many options, it's hard to know which one is your best bet. Your ideal mortgage will depend on your own individual financial situation, but when you understand how different kinds of mortgages work, it's easier to choose the right one. Here's what you need to know about mortgage types. Fixed-Rate Mortgages: Home … [Read more...]
Understanding Mortgage Tax Benefits and How They Save You Money in the Long Run
If you're considering whether home ownership is the right decision for you, there are lots of different factors you'll want to take into account. Do you want to keep moving around, or are you ready to lay down roots in a community? Are you prepared for the additional upkeep that home ownership requires? But one of the big factors in home ownership that few potential buyers consider is the tax benefits of getting a mortgage. Although it may seem counterintuitive, getting a mortgage on a property … [Read more...]
The FHA Mortgage Minimum Credit Score Has Been Reduced. Here’s What You Need to Know…
Credit is of considerable concern when it comes to buying a home, but if you're on the market for a new place in the next few months there may be some timely news that applies to you. If you haven't heard about the changes to the Federal Housing Administration's (FHA) credit score minimum, here's some information on the recent reduction and how it may impact your home purchase. Information On The FHA Started in 1934, the FHA is the organization responsible for insuring the loans that are … [Read more...]
